Startup Building Products Distributor Officially Launches

QXO also announced a $1 billion equity investment and a slate of executive leaders.

XPO Logistics trucks in San Jose, Calif., July 2019.
XPO Logistics trucks in San Jose, Calif., July 2019. Photography

The billionaire founder of logistics company XPO on Thursday officially became the chief executive of a newly launched distributor of building products.

Brad Jacobs, who originally announced plans to form a company in the building products distribution sector late last year, became chairman and CEO of QXO Inc. following the closing of a $1 billion equity investment in the business.

The transaction completed a previously announced agreement between Jacobs’ private equity firm, the former SilverSun Technologies, and other minority co-investors. The company changed its name from SilverSun to QXO, as well as switched its stock symbol from SSNT to QXO on the NASDAQ Capital Market.

QXO also announced the appointment of eight additional executives and six members of its board of directors on Thursday, including former XPO Chief Strategy Officer Matt Fassler taking the same position at QXO.

CFO Ihsan Essaid was appointed last week; additional appointments, including further board members and a chief technology officer, will be announced β€œat a future date,” the company said.

β€œI’ve known these leaders for many years and have great confidence in their ability to grow QXO into a tech-forward leader in building products distribution,” Jacobs said in a statement. β€œWe have a world-class executive team pursuing shareholder value out of the gate.”

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